MARTIN / GLOBAL ACCOUNTING :JURNALAKUNTANSI- VOL. 1. NO.

1(2022)

Effect Leverage, Profitability, Firm Size and Financial Distress Against

Accounting Conservatism (Empirical Study on Bank Sub-Sector Service
Companies Listed on the Indonesia Stock Exchange in 2017 - 2020)

Debby Mulia Octavia1)

Universitas Buddhi Dharma1
Email : debbymulia808@gmail.com

ABSTRACT

This study aims to analyze the effect of Leverage (DER), Profitability (ROA),
Company Size (Size) and Financial Distress (Z-Score) Against Accounting
Conservatism in Bank Sub-Sector Service Companies Listed on the Indonesia Stock
Exchange in 2017-2020.
The type of quantitative research conducted using secondary data with a
population of all Bank Sub-Sector Service Companies listed on the IDX in 2017-2020
obtained 88 samples using the purposive sampling. The data analysis techniques
used were descriptive statistical tests, classical assumption tests (normality test,
multicollinearity, heteroscedasticity and autocorrelation), multiple linear regression
analysis and hypothesis testing (coefficient of determination test, t statistical test and
F statistical test) with software SPSS-25.
The results showed that partially Leverage (DER) (X1), Company Size (Size)
(X3), and Financial Distress (Z-Score) (X4) has no effect while Profitability (ROA)
(X2) has an effect on Accounting Conservatism. Simultaneously the variables
Leverage (DER), Profitability (ROA), Company Size (Size) and Financial Distress (Z-
Score) together have an effect on Accounting Conservatism.

Keywords : Debt to Equity Ratio, Return on Assets, Size, Z-Score and Conacc

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INTRODUCTION manipulation carried out in the form of six

Uncertainty that is difficult to predict in affiliated distributor companies which
the future makes companies need to be were written as third parties, as well as
careful in choosing the method to be used. the existence of inflated or overstatement
Management plays a major role in of receivables from the six companies with
determining the decisions and policies a total value of up to Rp. 1.4 trillion.
that will be taken. The management Hakim Akhmad also mentioned the
section is the management section of the alleged flow of funds from the company
company or the directors, while the worth Rp 1.78 trillion to management
institutional section is the shareholder through several schemes such as seeking
section. Shareholders can be said to be funds from several banks through time
company owners who will give orders or deposits, bank transfers, and others.
policies to managers to manage the The application of the principle of
company and also have an obligation as accounting conservatism in a company is
the company's best decision maker based on strong considerations and
(Wibowo, 2016). The accounting method reasons in its application. Accounting
used can influence the behavior of Theory Positive Accounting theory that
managers in accounting and reporting on can be abbreviated as PAT is one of the
company financial transactions (Purwasih, motives in the selection of accounting
2020). Managers can record optimistic methods where this motive seeks to
financial statements that tend to overstate explain and predict accounting practices
or conservative recording principles with (Watts et al., 1986). Accounting Theory
prudence. Conservative financial Positive Accounting The theory is divided
reporting and tend to be more careful into three, namely the bonus program
when recognizing or measuring numbers hypothesis, debt covenant hypothesis, and
can be a better choice because optimistic political cost hypothesis. In this study, the
reporting will have a tendency to researcher will use debt covenant
overstate or be excessive which can hypothesis which is proxied by Leverage,
mislead and harm users of financial and the political cost hypothesis is proxied
statements. by size (Company Size). The researcher
The following is an example of a also adds that profitability is thought to
company case that does not apply the affect accounting conservatism because it
principle of accounting conservatism is associated with political costs
based on kontan.co.id sources (Soenarso, (Janamarta et al., 2021). In addition, the
2021), two former directors of PT Tiga author also added Financial Distress (level
Pilar Sejahtera Food Tbk named Joko of financial difficulty) which is a condition
Mogoginta and Budhi Istanto were of early symptoms of bankruptcy due to a
sentenced to prison terms of four years decrease in financial condition. The level
each. and a fine of Rp. 2 billion for each of accounting conservatism carried out by
person and also a subsidiary for three managers can be influenced by
months in prison by the South Jakarta problematic financial conditions (S.
District Court. The mistake made by both Sulastri & Anna, 2018).
of them was to manipulate the 2017 Based on sources (CNBC Indonesia,
financial statements in order to increase 2020), the main problem that continues to
the company's share price. The occur is the level of cases of the Covid-in

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Indonesia which is still increasing, it must restructuring. One of the factors is because
be immediately controlled so that before the Covid that spread in Indonesia,
economic problems in the country can be some debtors had already experienced
resolved immediately. According to a financial problems. The cash flows of
statement by Sutrisno Iwantono as the debtors were increasingly disrupted after
Head of Public Policy of the Indonesian the pandemic occurred and they turned
Employers' Association (Apindo), the into bad loans because they failed to be
slow handling of the pandemic has restructured. Third Party Funds or
resulted in uncertainty and reduced abbreviated as DPK grew high and
expectations of business actors in increased by up to 8% as a result of many
encouraging economic and business people saving in precaution in the face of
activity. Entrepreneurs continue to try to difficult uncertainty during the Covid-
stay afloat in the face of difficult situations .policies write-offfor loans that have
due to the pandemic even though they are entered the bad category for a period of
in difficult conditions. time. As an example, Bank BCA's NPL
Table 1.1 was recorded which in June 2019 rose
Conditions of National Banking Health Level significantly from 1.4% to 2.1% in June
During the Covid-19 Pandemic 2020. The precautionary principle that
bankers firmly adhere to as a precaution is
carried out by strengthening and
anticipating arisk profile, the principles
ofgood corporate governanceor GCG,
profitability and bank capital so that the
allowance for impairment losses (CKPN)
is always maintained and can overcome
various economic shocks in the future that
are difficult to predict. OJK added that it
has received new authority to deal with
the impact of the weakening of the
(source : infobanknews.com (Nisaputra, financial services sector due to the Covid-
2020)) by forcing banks to merge and will
impose sanctions or a maximum fine of
Based on the table data above, the IDR 1 trillion for banks that intentionally
Financial Services Authority or commonly refuse or ignore and hinder consolidation.
abbreviated as OJK as a member of the (source: infobanknews.com (Nisaputra,
Basel Committee on Banking Supervision 2020))
(BCBS) stated that the level of health For According to research results from
national banking, it is still within strong (S. Sulastri & Anna, 2018), (A. Sulastri et
limits in the midst of the Covid that is al., 2018) and (Purwasih, 2020) that
hitting Indonesia. However, it was quoted Leverage has a significant effect on
from a newspaper in Jakarta that the Non- Accounting Conservatism. According to
Performing Loans (NPLs) of the majority research results from (Salim, Prima
of large banks experienced an increase in Apriwenni, 2019) and (Haryadi et al.,
the first semester of 2020 despite having 2020) that Leverage does not have a
carried out a fairly large credit

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significant positive effect on Accounting repayments create a positive corporate

Conservatism. payment history and lead to a good
According to research results from business credit rating. In essence, leverage
(Wahyu Dwi Putra & Fitria Sari, 2020) that is a loan of funds that business people and
Profitability has a significant positive investors can apply to reap greater profits
effect on Accounting Conservatism. This (Oliver, 2020).
study is not in line with the results of
research from (El-Haq et al., 2019) that Profitability
Profitability has no significant effect on Profitability is the company's ability to
Accounting Conservatism. earn profits, such as in relation to asset
According to research results from sales, as well as own capital. Profitability
(A. Sulastri et al., 2018) and (Purwasih, also shows whether the implementation of
2020) that firm size has a positive and operational activities has been carried out
significant effect on accounting efficiently and effectively by using the
conservatism. Contrary to research from entire capital owned to earn profits on a
(Daryatno & Santioso, 2020) and (Haryadi sustainable basis for the life of the
et al., 2020) that firm size has no effect on company (Dyah, 2019). Profitability is
accounting conservatism. used as a tool to analyze management
According to research results (S. performance where the level of
Sulastri & Anna, 2018), (Sugiyarti & Rina, profitability will describe the profit
2020) and (Afriani et al., 2021) that position of the company (Andini et al.,
Financial Distress (level of financial 2021). A good level of profitability is
difficulty) affects Accounting indicated by the increasing value of the
Conservatism. This study is not in line return on assets. The return on assets is
with (Haryadi et al., 2020) and (Wahyu used to show the ability to manage bank
Dwi Putra & Fitria Sari, 2020) that assets under its control so that it can
Financial Distress has no effect on generate profits (Wibowo & Limajatini,
Accounting Conservatism. 2013). The higher the return on assets, the
better financial performance (Taufiq
LITERATURE REVIEW Akbar, 2019).
Leverage
Leverage is the use of assets and sources Company Size Company
of funds that have fixed costs intended to Size shows the disparity of business risks
increase the potential profits of faced by large-scale companies with
shareholders. (Pranaditya et al., 2021). small-scale companies. The size of the
Leverage is debt or loan funds used to company is used as an indication of
maximize the profits expected by investors in making investment
companies and investors. Debt can be considerations (Dr. Lela Nurlaela Wati,
used to maintain smooth business 2019). The size of the company shows the
turnover as a result of the company's state size of the company where the larger the
of continuous loss (Wuisan, 2021). Debt size of the company has a greater cost and
can increase the risk of bankruptcy for the the disclosure of information is carried out
company but if it can be managed more broadly in detail the costs. The
carefully it can be profitable such as larger the size of the company, the more
increasing company profits. Timely debt attention it will receive from the market or
the public (Mabruroh Halida M.E, 2020).
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The size of a company shows the amount occurred by being willing to sacrifice
of resources controlled by the company. something to reduce or eliminate risk.
Company size can be observed from the Accounting conservatism is intended to
number of assets owned by the company protect users of financial information from
and can be measured by the logarithm of rising earnings and to ensure that all
total assets (Susanto & Ramadhani, 2016). potential liabilities are recorded as soon as
they are realized. (Rabbani, 2021). The
Financial Distress official definition of Accounting
Financial distress is a situation of Conservatism is contained in the Glossary
insufficient operating cash flow in a of Concept Statements No. 2 FASB
company to satisfy current obligations, (Financial Accounting Statement Board) in
both credit trading and interest expenses (Savitri, 2016) defines conservatism as a
and the company is forced to take prudent reaction to the uncertainty
corrective action. Financial distress inherent in the company in the future to
restructuring financial of the company try to ensure that it takes into account the
because deteriorating financial conditions uncertainties and risks in the business
can affect the failure or cancellation of a environment.
contract for creditors and equity investors
(Dr. Ir. Agus Zainul Arifin & Aziz, 2018). RESEARCH METHODOLOGY
Financial distress or commonly known as Research Variables
financial difficulties is a description of the The dependent variable used in this study
condition of a company's failure to pay off is accounting conservatism proxied by
its debts that are due and accompanied by CONACC while the independent variable
the elimination or reduction of dividend used is the leverage proxied by Debt to
payments. Continuous profit movement Equity Ratio (DER), profitability as
in a negative or often loss direction can proxied by Return on Assets (ROA), firm
indicate this condition (Dr. Agus S. Irfani, size which is proxied by size and financial
2020). distress is proxied by Z-Score.

Accounting Conservatism Determination

Practices Accounting conservatism often population in this study is the entire
delays or delays the recognition of financial sector service company of the
revenue that may occur while the bank sub-sector listed on the Indonesia
recognition of costs or expenses that may Stock Exchange in 2017 – 2020 or for 4
occur is carried out immediately. In terms years. Meanwhile , from a total of 43 bank
of asset and debt valuation, in accounting sub - sector companies that are still listed
conservatism asset valuation is at the on the Indonesia Stock Exchange, 22
lowest value and vice versa for debt samples of companies that meet the
valuation is at the highest value (Savitri, research criteria are obtained by using the
2016). Accounting conservatism is an purposive sampling method.
attitude taken as a precaution in the face
of uncertainty or the worst scenario in the Data Analysis Method Data
future. The conservative attitude shows a processing in this study used the
cautious attitude that is carried out as an application of Software Statistical Package
effort to avoid risks that have not yet for the Social Science (SPSS) version 25 to
test how much influence the independent
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variable had on the dependent variable variables in the regression model of

and to compare the results obtained with this study.
the hypothesis that had been determined
in the test model. c. Heteroscedasticity Test

RESULTS AND DISCUSSION

Classical Assumption
a. Test Normality Test

Based on the picture above, it can be

seen that the points spread randomly
and are spread either above or below
zero on the X and Y axes so that the
regression model is feasible to predict
the existence of CONACC based on the
independent variables.

d. Autocorrelation Test
The results of the normality test above
obtain the Asym value. Sig. (2-tailed)
of 0.200 is greater than the 0.05 level of
significance, which means that the data
is normally distributed.

b. Multicollinearity Test

Table Durbin-Watson (DW with a

significant level of 5%, the dU values
are 1.7493 and dL 1.5597. the value of d
> dU or 1.821 > 1.7493 then there is no
positive autocorrelation and (4 – d) >
dU or 2.179 > 1.7493 then there is also
no negative autocorrelation.

Multiple Linear Regression Analysis

The tolerance of all independent Test
variables is more than 0.10 and the VIF
is not more than 10, which means that
there are no symptoms of
multicollinearity between independent

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3. Profitability proxied by ROA has a

coefficient value of 0.021 which
explains that if the other independent
variables are 0 and profitability has
increased by 1 unit, accounting
conservatism (Y) will increase by 0.021.
The coefficient is positive, which
means that there is a positive
Based on statistical tests performed using
relationship between the independent
SPSS version 25 above, the following
variable and the dependent variable.
multiple linear regression equations were
obtained:
4. Company size as proxied by Size has a
coefficient value of -0.005 which
The equations obtained in this study are explains that if the other independent
as follows: variables are 0 and company size has
increased by 1 unit, accounting
conservatism (Y) will decrease by
0.005. The coefficient is negative,
From the multiple linear regression which means that there is a negative
equation above, it can be interpreted as relationship between the independent
follows: variable and the dependent variable.
1. Constant (α)
In this study, the constant value 5. Financial Distress as proxied by Z-
obtained from the multiple linear score has a coefficient value of 0.002
equation has a positive character of which explains that if the other
0.096. This constant value explains that independent variables are 0 and
if leverage is proxied by DER as (X1), financial distress increases by 1 unit,
profitability is proxied by ROA as (X2), then accounting conservatism (Y) will
company size is proxied by Size as (X3) increase by 0.002. The coefficient is
and financial distress which is proxied positive, which means that there is a
by Z-Score as (X4) is 0, then the value positive relationship between the
of accounting conservatism (Y) is 0.096 independent variable and the
or equal to that constant value. dependent variable.

2. Leverage as proxied by DER has a Coefficient of Determination Test ( )

coefficient value of 0.006 which
explains that if the other independent
variables are 0 and leverage has
increased by 1 unit, accounting
conservatism (Y) will increase by 0.006.
The coefficient is positive, which
means that there is a positive
Based on the research table above, it
relationship between the independent
shows that the coefficient of determination
variable and the dependent variable.
that can be seen from the Adjusted R
Square is 0.159 with the provision that if
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the Adjusted R Square is close to 0 it

means that the ability of the independent
variable is very limited in explaining the
variation of the dependent variable. This
means that accounting conservatism is
explained by 15.9% by leverage (DER),
profitability (ROA), firm size (Size) and
financial distress (Z-Score) while 84.1% is
explained by other variables not The conclusions that can be obtained from
examined. in this study such as the table of T-test results above are as
managerial ownership, institutional follows:
ownership, growth opportunity, litigation 1.) The effect leverage (DER) on
risk, ownership structure, etc. accounting conservatism
Leverage proxied by DER has a t-count
Simultaneous Test (F Statistics Test) value of 1.285 which is smaller than
the t-table of 1 ,6623. Then when
viewed from the significance level of
0.202 which is greater than 0.05, it
means that it can be concluded that
leverage has no partial effect on
accounting conservatism. So that the
first hypothesis proposed in this study
(H1) is rejected.

2.) Effect of profitability (ROA) on

The F test is used to determine whether accounting conservatism
the independent variables used in the Profitability as proxied by ROA has a
study have a joint influence on the t-count value of 3.349 which is greater
than t table of 1.6623. Then when
dependent variable. The picture above
viewed from the significance level of
shows that the calculated F value is 5.119 0.001 which is smaller than 0.05, it
while the F table is 2.48 so that the means that it can be concluded that
calculated F value is > F table (5.119 > profitability has a partial effect on
2.48). In the table above, the significance accounting conservatism. So that the
value of the independent variable is 0.001 second hypothesis proposed in this
smaller than 0.05, so it can be concluded study (H2) is accepted.
that the independent variables are
3.) The effect of firm size (Size) on
leverage (DER), profitability (ROA), accounting conservatism
company size (Size) and financial distress size as a proxy for Size has a t-count
(Z-Score) in this study simultaneously value of -0.920 which is smaller than
significant effect on accounting the t-table of 1.6623. Then when
conservatism. viewed from the significance level of
0.360 which is greater than 0.05, it
means that it can be concluded that the
Partial Hypothesis Testing (t-test)
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size of the company has no partial together has an effect on

effect on accounting conservatism. So Accounting Conservatism.
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